STIC Investments and Eugene Private Equity are reviewing whether to exercise a put option (a right to sell an investment at a preset contractual price) on their roughly 17% stake in KB Bank Indonesia, a subsidiary of KB Kookmin Bank formerly known as KB Bukopin Bank. Their special purpose company, STIC Eugene Star Holdings, entered the exercise period on September 8, 2026, with the window running through next May. The consortium acquired 31.9 billion new shares for approximately 3.19 trillion rupiah, or about 250 billion Korean won at the time, in a May 2023 rights offering and became KB Bank Indonesia’s second-largest shareholder. The contract gives KB Kookmin Bank a call option first and the financial investors a put option afterward, with the sale price based on the principal plus a bank-bond-linked return in the 3% range and additional spreads rather than the market price. KB Bank’s stock has fallen to around 50 rupiah from approximately 100 rupiah at the investment, making a market sale less attractive. The investors may wait while assessing the bank’s recovery and share price, although delays in normalization could increase the appeal of exercising the option. KB Bank returned to profit last year with net income of 13 billion rupiah, but its second-quarter pre-provision operating profit (PPOP, earnings before provisions and credit costs) was negative 62 billion rupiah, leaving first-half PPOP at negative 53 billion rupiah. First-half net interest income rose 53.1% to 688.776 billion rupiah, while second-quarter net interest income increased 22.8% to 326.062 billion rupiah. KB Kookmin Bank’s plan to transfer its 66.88% stake to a newly approved Indonesian financial holding company adds uncertainty over how STIC Eugene Star Holdings’ stake will be handled.